ECOWAS: Cocoa Paste Market 2024

Cocoa Paste Market Size in ECOWAS

The ECOWAS cocoa paste market rose to $X in 2023, growing by X% against the previous year. The total consumption indicated modest growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Cocoa Paste Production in ECOWAS

In value terms, cocoa paste production expanded markedly to $X in 2023 estimated in export price. The total production indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Cocoa Paste Exports

Exports in ECOWAS

In 2023, after two years of growth, there was significant decline in overseas shipments of cocoa paste, when their volume decreased by X% to X tons. Total exports indicated prominent growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2022, and then declined in the following year.

In value terms, cocoa paste exports reduced to $X in 2023. Total exports indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked at $X in 2022, and then contracted in the following year.

Exports by Country

Cote d'Ivoire was the key exporter of cocoa paste in ECOWAS, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2023. It was distantly followed by Ghana (X tons), constituting a X% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2023. At the same time, Ghana (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Ghana increased by X percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest cocoa paste supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

In Cote d'Ivoire, cocoa paste exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, almost unchanged from the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Cocoa Paste Imports

Imports in ECOWAS

Cocoa paste imports soared to X tons in 2023, growing by X% compared with 2022. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, cocoa paste imports contracted significantly to $X in 2023. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports attained the peak of $X. From 2014 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Cote d'Ivoire (X tons) and Burkina Faso (X tons) represented roughly X% of total imports in 2023. Ghana (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%).

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Burkina Faso (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa paste importing markets in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Burkina Faso ($X), together accounting for X% of total imports.

Burkina Faso, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. In general, the import price continues to indicate a mild setback. The pace of growth appeared the most rapid in 2016 when the import price increased by X%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform